So, you’ve made the investment and gone big on social. That’s great, but have you thought about that all important next step – monetizing your social media presence? You need to think about how to make money from your social presence at an early stage, before you even begin to grow your audience across the various platforms.
Social advertising is a crucial way to boost your reach and to generate extra sales on social media. Facebook is a particularly strong platform for driving down your cost of sale.
The Facebook advertising platform allows you to place a conversion pixel on your sale confirmation page and then can automatically optimize your ads being served based on users more likely to convert, and then based on real conversion data once sales start being made.
Likewise, Twitter has some powerful targeting options that allow you to tailor your ads to users who are talking about products like yours.
Get Your Content Right
It is very important to get your content right when trying to monetize your social media strategy. Many brands make the mistake of posting too heavily about their content, whereas you need to ensure that no more than 40% of your content is directly linking to products and commercial content.
Continually review your content to find out what is and isn't working to improve and generate more engagement, reach, and sales over time.
Have a Great Product
The key to monetizing your social media presence is to have a great product that you can sell. One way to do this is to create your own branded goods that look completely unique on social.
There are a few options here. Either you can import custom goods from China by using sites like Alibaba, however the quality of these products can sometimes be questionable. There are specific suppliers that do offer great quality depending on your niche, including Spreadshirt, Vistaprint and more.
Having custom branded products made means that you can create bespoke and engaging imagery for your social media presences that no-one else will have used or seen, thus increasing your chances of click-through and conversions.
Integrate With Apps
If you build your shop on a platform like Shopify you are able to pull in a version of your store into a Facebook app easily and quickly. This will allow you to start making sales from within Facebook. Users always want an experience that is as easy as possible, and being able to buy from their favourite social platform without having to go outside to another website is a big advantage in terms of conversion.
In summary, there are four key elements to monetizing your social media – integration, product/branding, advertising, and content and it is essential that all four work in tandem to generate the best possible results for your businesses monetization efforts on social media channels.